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Trading Major Lines

  • #1,401
  • Jul 7, 2011 9:56am Jul 7, 2011 9:56am
Quoting Fx7877
Nomask,
Thanks for sharing this strategy in such clear detailed manner. I'm new to this method though I'm also a firm believer in KISS for trading.

Not sure if this question has been asked b4. If there are important news (those coded red in forex factory ) affecting traded pair in next 4 hr bar right upon entry, will u still take it for this strategy?

Thank you. Much to learn from you and the rest of the traders here.
I get cautious when my entry is close to the major release.not the direction worries me but the price fluctuations.
If i believe there is a low risk entry i take it most of the time.
But i don't remember taking any trades 5 min before something like nfp..
I check news schedule just to be prepared for sudden spikes since i deal with very small stops.
  • #1,402
  • Jul 7, 2011 9:58am Jul 7, 2011 9:58am
Quoting zoracoustic
hi, i'm a new member in fx and ff, i'm trying to find a good way to trade and i found this topic, thnks so much. and because of i'm a new one, i hope that can learn from you, so i will try to post chart ( as i understand ) and if there's anything wrong, pls fix it for me and tell me . and sorry because of my bad E.
This is my first case, Eu
as i see in w1 eu nearly reach to 1.5 and then fall down to 1.4, and last week it bounce to 1.45 , and i dont know in this case will we think it will go down or up continue?
http://www.flickr.com/photos/26829061@N07/5911241311/

and...
I think that the latest eu entry i just took answers your question
  • #1,403
  • Jul 7, 2011 12:49pm Jul 7, 2011 12:49pm
There were lots of opportunities today!

I made 6 trades in total on EURUSD, EURCHF and CADCHF. Most of my trades closed at break even or with a smal loss but at the moment I have one trade still open in CADCHF which is currently in 112 pips profit.

Allow me to show the screenshots and notes I made at the time of entry.

Monthly Hindsight (From the start of the week)

http://i.imgur.com/yVVCK.png

H4

http://i.imgur.com/PFnfP.png

M5

http://i.imgur.com/OPSCK.png

I'm hopeful that this trade can break last weeks high, after that we have the 0.90 level and then resistance at the 0.92 level so there is a long way to go but we shall see.
  • #1,404
  • Jul 7, 2011 5:12pm Jul 7, 2011 5:12pm
Greetings Nomask from Australia.

First, I would like to add my thanks to you, for sharing your simple, unique and very successful method with such clarity, honesty and openness. Your unselfishness is very admirable.

I have been silently following your posts for some time now, and have reached the stage where I wish to try to apply your method.

At present I am using a demo account with FxPro, Cyprus, whose daily bar, coincides with that of NY.

I have a few preliminary questions for you:

i) Do you consider that the time zone of a broker is of any importance to a trader wishing to use your method?

ii) What program do you use to apply the 04, 08, 12 and 16 period separators, marking the start and finish of the H4 candles on the M5 charts?

iii) What program do you use for adding comments, arrows etc to the charts you post here on FF?

Thanks again in advance,

Sincerely, Roger.
"Make everything as simple as possible, but not simpler" Albert Einstein
  • #1,405
  • Jul 7, 2011 8:03pm Jul 7, 2011 8:03pm
Quoting nomask
I get cautious when my entry is close to the major release.not the direction worries me but the price fluctuations.
If i believe there is a low risk entry i take it most of the time.
But i don't remember taking any trades 5 min before something like nfp..
I check news schedule just to be prepared for sudden spikes since i deal with very small stops.
Thanks Nomask. Yes, its the price fluctuations that worries me too. Can you give a rough guide as to how close an important news is out b4 you avoid taking the trade? 1/2hr -1 hr?

Even if you have small stops, but when impt news are out, prices swing wildly. Will your stops be taken out as it is or you end up with bigger loss as prices moved far too quickly?
  • #1,406
  • Jul 7, 2011 11:59pm Jul 7, 2011 11:59pm
my learn today, UJ, if anything wrong, pls tell me, thnks

http://www.flickr.com/photos/26829061@N07/5914680068/

http://www.flickr.com/photos/26829061@N07/5914680068/

UJ pass 80 and it become a support, and have a trendline at 81, and this week this trendline break, so i hope it will up to 85

and at 4h time, i miss the long position at 50 fib

http://www.flickr.com/photos/26829061@N07/5914680070/

http://www.flickr.com/photos/26829061@N07/5914680070/

and uj have 4h another up strong pass 81 againn so this morning i think i find the long possition arount 4 4h candle sideway near the top

http://www.flickr.com/photos/26829061@N07/5914680072/

http://www.flickr.com/photos/26829061@N07/5914680072/
  • #1,407
  • Jul 8, 2011 12:04am Jul 8, 2011 12:04am
UJ


">http://[URL="http://www.flickr.com/photos/26829061@N07/5914680068/"]http://farm7.static.flickr.com/6023/...0c9643bcd7.jpg[/url]

">http://[URL="http://www.flickr.com/photos/26829061@N07/5914680070/"]http://farm7.static.flickr.com/6013/...6aec0c471c.jpg[/url]

">http://[URL="http://www.flickr.com/photos/26829061@N07/5914680072/"]http://farm7.static.flickr.com/6025/...32efca4953.jpg[/url]
  • #1,408
  • Jul 8, 2011 1:13am Jul 8, 2011 1:13am
Quoting No1Optimist
Greetings Nomask from Australia.

First, I would like to add my thanks to you, for sharing your simple, unique and very successful method with such clarity, honesty and openness. Your unselfishness is very admirable.

I have been silently following your posts for some time now, and have reached the stage where I wish to try to apply your method.

At present I am using a demo account with FxPro, Cyprus, whose daily bar, coincides with that of NY.

I have a few preliminary questions for you:

i) Do you consider that the time zone of a broker is of...
Hi Roger..thanks for your thoughts.
1.there is no significance of timezone in terms of catching setups.At the end they all work the same.Some weeks you get signals earlier than me some I get earlier.But the pairs that I mainly follow make their move during the eu session.For family reasons ,I stay in Canada couple weeks every year and that's the time I can't trade because of the time difference.
But as i said before it doesn't make difference if we're talking about couple hours difference between brokers that can cause different candle shapes
2.One of the fellows here posted it and should be here in the thread xi-vlines
3.I used to use snapshot (more advanced) but now its a free and simple program called jing from techsmith
  • #1,409
  • Jul 8, 2011 1:23am Jul 8, 2011 1:23am
Quoting Fx7877
Thanks Nomask. Yes, its the price fluctuations that worries me too. Can you give a rough guide as to how close an important news is out b4 you avoid taking the trade? 1/2hr -1 hr?

Even if you have small stops, but when impt news are out, prices swing wildly. Will your stops be taken out as it is or you end up with bigger loss as prices moved far too quickly?
for that reason %90 of my trades i use visual stop which is trading with no stop loss but monitoring it until i can safely move it to b.e...If it breaches my visual stop level then i close it manually.
That doesn't happen a lot to me.I remember maybe couple times I had to make a choice about taking trades around major news but I did take trades 10 mins before the news.Its more up to the setup itself.If its not worthy then I don't bother myself
  • #1,410
  • Jul 8, 2011 1:41am Jul 8, 2011 1:41am
Quoting zoracoustic
my learn today, UJ, if anything wrong, pls tell me, thnks

http://www.flickr.com/photos/26829061@N07/5914680068/

http://www.flickr.com/photos/26829061@N07/5914680068/

UJ pass 80 and it become a support, and have a trendline at 81, and this week this trendline break, so i hope it will up to 85

and at 4h time, i miss the long position at 50 fib

http://www.flickr.com/photos/26829061@N07/5914680070/

http://www.flickr.com/photos/26829061@N07/5914680070/

and uj have 4h another up strong pass 81 againn...
my hindsight about this pair is up too even though this contradicts with my latest long trade of eu..Only scenario that I'd consider taking long on this pair is that it comes back and tests 81.15ish level with a good bullish price action.
One more side note,
if the pair you want to trade already made its move and the week is about to finish I get extra picky to enter a new position
Because short term traders (like daytraders or intraweek traders)close their positions causing some pullback which is not good for new positions close to the end of the week.
  • #1,411
  • Jul 8, 2011 1:45am Jul 8, 2011 1:45am
Quoting nomask
my hindsight about this pair is up too even though this contradicts with my latest long trade of eu..Only scenario that I'd consider taking long on this pair is that it comes back and tests 81.15ish level with a good bullish price action.
One more side note,
if the pair you want to trade already made its move and the week is about to finish I get extra picky to enter a new position
Because short term traders (like daytraders or intraweek traders)close their positions causing some pullback which is not good for new positions close to the end of the...
thnks so much
  • #1,412
  • Jul 8, 2011 2:12am Jul 8, 2011 2:12am
EJ

w1 for long

http://farm6.static.flickr.com/5156/...c5f6190e54.jpg

and miss at 4h

http://farm6.static.flickr.com/5111/...71c03661b5.jpg

so wait long at m15

http://farm6.static.flickr.com/5275/...def40b680b.jpg
  • #1,413
  • Jul 8, 2011 3:10am Jul 8, 2011 3:10am
Quoting nomask
what I did with the latest countertrade example was that I pretend as a day trader or a gap trader during the journey, taking advantage of their first push down but not targeting their take profit level but something possibly a lot bigger.
But the gap traders took their profits and left the market to buyers.
Thats why my only sell position died at b.e.
When it made a close back above the lower line I was expecting my position stopped out at b.e.And thats what happened.
Thanks Nomask for your earlier reply.

I'm currently reading the old pages in this thread to learn and I have a question abt this trade u posted (Post #384 at page 26) Hope u don't mind me digging old stuff to clarify... In this trade, since u expected a gap fill, why not target and close your trade when the gap filled? Also since u expected position to be stopped out at b/e when it close back above lower line, why not close the trade earlier to lock in some profits?
  • #1,414
  • Jul 11, 2011 2:33am Jul 11, 2011 2:33am
in fact the EJ was failed, it down so much at Friday with NF. Seem we have to wait untill have signal at h4 ( pinbar or outside bar ), and then when it is clearly change to m5 .
  • #1,415
  • Jul 11, 2011 2:44pm Jul 11, 2011 2:44pm
Today EU finally reached 1.4... hopefully we'll see some bull action anytime soon, so that we can jump onboard the long term trend!
  • #1,416
  • Jul 12, 2011 9:11am Jul 12, 2011 9:11am
Quoting tradista
Today EU finally reached 1.4... hopefully we'll see some bull action anytime soon, so that we can jump onboard the long term trend!
Don't think so. All the economic turmoil in europe is strengthening the USD. My perception is that it will close bearish strongly. Besides, price has been exhausting the long side, rangind a lot in higher TF.

Well, that's just how I see things.

Let's see. Best
  • #1,417
  • Edited 2:57pm Jul 12, 2011 10:28am | Edited 2:57pm
Long AUDUSD. Please let this one be the one!

Update: Taken out at B/E.
Attached Image (click to enlarge)
Click to Enlarge Name: 7.12.11 AUDUSD.jpg Size: 213 KB
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #1,418
  • Jul 12, 2011 10:01pm Jul 12, 2011 10:01pm
Hi folks,
Sorry, a bit off topic here, but can anyone share the template for drawing major (and median) lines in MT4? Am also looking for template drawing fibs with the accompanying price level. Thanks alot!

Its kind of quiet here lately...
  • #1,419
  • Jul 12, 2011 10:38pm Jul 12, 2011 10:38pm
i set go long aud, aj and ej cause it touch major line ( or median line )

http://farm7.static.flickr.com/6144/...ba6782d7d7.jpg


seems i set stoploss so short?

http://farm7.static.flickr.com/6012/...4cc0db5b36.jpg"
http://farm7.static.flickr.com/6134/...5070760c88.jpg"
http://farm7.static.flickr.com/6005/...c0163c79f2.jpg
http://farm7.static.flickr.com/6127/...e14a2de165.jpg
  • #1,420
  • Jul 13, 2011 5:22am Jul 13, 2011 5:22am
I do not trade these pairs but after i saw the charts below and how many pips they would have yielded, i will start paying attention to them off the weekly only. I do not mind making 1000pips in two days, do u?

GBPJPY Pair has nice Support Area 130.00 that was broken and re-tested as Resistance with good price action of Inside Bar Fakey, if one target the 125.00, then that would have been a cool 500pips in two days ----

EURJPY Pair abit choppy but gave same result as GBPJPY, entry at 115.00 on the 2-Weekly Pin Bars to the down-side with target of 110.00 .. see charts .. cheers all ...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy - weekly.gif Size: 25 KB
Click to Enlarge Name: eurjpy - weekly.gif Size: 25 KB
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